Shares of Eicher Motors were racing at the bourses in early trade on Friday as the company posted its results for the quarter ended June.
What Happened: The automobile major’s June-quarter profit went up 50% to ₹918.3 crore as against the ₹610.7 crore profit it booked in the same quarter last year. The company’s revenue from operations was up 17.33% to ₹3,986.4 crore as compared to the ₹3,397.5 crore revenue it posted in the year-ago period. The company’s topline was mostly in line with estimates but the bottom line beat consensus estimates.
The Royal Enfield maker’s EBITDA for the quarter stood at ₹1,020.8 crore. EBITDA margin was at 25.61%. Earnings per share for the quarter was ₹33.6.
Analysts’ Reaction: Jefferies maintained its “buy” rating on the stock with a price target of ₹4,000. The research firm said that the company’s EBITDA beat estimates reaching an all-time high. UBS maintained its “neutral” rating on the stock with a price target of ₹3,500. The company said that the June quarter earnings were in line but Royal Enfield’s competition is set to intensify.
Price Action: Eicher Motors simmered after surging 3% at open to trade at ₹3,398.65, 0.56% higher from the previous close.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.